Prime Minister Mark Carney announced five infrastructure projects on Thursday, but the scope of these initiatives appears limited. Many of the projects are not new and have faced delays due to Canada's regulatory processes. They will now undergo review by Carney's newly established Major Projects Office and an Indigenous Advisory Council. Additionally, all projects must align with the Liberal government's climate goals before receiving approval.

During a press conference, Carney referenced some of Canada's significant historical construction achievements, including the national railway and the Trans-Canada Highway. He emphasized the need to return to a time when large projects were completed swiftly. "The point of these examples is that we used to build big things in this country and we used to build them rapidly. It’s time to get back to it and it’s time to get on with it," Carney stated. He criticized the current approval processes, describing them as inefficient and burdensome.

However, critics argue that the regulatory challenges stem from policies implemented by the Liberal government over the past decade. A report from the Fraser Institute highlighted that the heavy regulatory burden on sectors like mining and oil extraction has contributed to declining business investment. The report noted that Canada’s per-person GDP growth has lagged significantly behind that of the United States in recent years.

Carney asserted that the Major Projects Office would streamline financing and regulatory processes to expedite project timelines. He also introduced the Indigenous Advisory Council, which will provide guidance on economic participation and impact assessments. "The council will make sure that projects move forward in true partnership," Carney said. For a project to proceed, it must support clean growth and benefit Indigenous communities.

The announced projects include the expansion of the Red Chris Mine in British Columbia, the construction of the McIlvenna Bay Foran Copper Mine in Saskatchewan, the expansion of the Montreal Port in Contrecoeur, the development of a small modular reactor in Clarington, Ontario, and the expansion of the LNG Canada export terminal in Kitimat, British Columbia. Notably absent from the list were major projects like pipelines, which some believe are essential for Canada to reduce its reliance on the United States.

Carney acknowledged the challenges ahead, suggesting that a new protectionist policy could address some of the issues stemming from a disrupted global economy. He remarked, "The path ahead will not always be easier," as he noted the rapid changes in U.S. trading relationships.